defining - cyan | cyan limited...senate elections and renewed interest of foreign investors helped...

q u a r t e r l y r e p o r t m a r c h 3 1 , 2 0 1 8

G r o w t h

D E F I N I N G

CONTENTS

02 Company Information

03 Directors’ Review

07 Directors’ Review (Urdu)

08 Condensed Interim Statement of Financial Position

09 CondensedInterimProfit&LossAccount

10 Condensed Interim Statement of Comprehensive Income

11 Condensed Interim Statement of Changes in Equity

12 Condensed Interim Statement of Cash Flows

13 Notes to and forming part of the Condensed Interim

Financial Information

CyanLimited2

Board of DirectorsHasan Reza-ur Rahim (Chairman) Non-Executive DirectorKulsum Dawood Non-Executive DirectorInam Ur Rahman Non-Executive DirectorKamran Nishat Independent DirectorShafiqAhmedNon-ExecutiveDirectorSulaiman S. Mehdi (Chief Executive)Executive DirectorFaisal Nadeem Executive Director

Board Audit CommitteeKamran Nishat (Chairman)ShafiqAhmedInam Ur Rahman

Board HR & Remuneration CommitteeKamran Nishat (Chairman)Inam Ur RahmanHasan Reza-ur Rahim

Board Investment CommitteeHasan Reza-ur Rahim (Chairman)Inam Ur RahmanShafiqAhmed

CFO & Company SecretaryFaisal Nadeem

Head of Internal AuditAymanAnwer

Executives*Sulaiman S. Mehdi (CEO)FaisalNadeem(CFO&CS)MuhammadAnasKarimi(SeniorManagerFinance)AymanAnwer(HeadofInternalAudit)NareshKumar(InvestmentAssociate)MarviShaikh(InvestmentAnalyst)

*AsdeterminedbytheBoardofDirectors

AuditorsA.F.Ferguson&Co.(CharteredAccountants)StateLifeBuilding1-C,I.I.ChundrigarRoad,Karachi.Website:www.pwc.com/pk

Tax ConsultantsA.F.Ferguson&Co.(CharteredAccountants)StateLifeBuilding1-A,I.I.ChundrigarRoad,Karachi.Website:www.pwc.com/pk

Share Registrar/Transfer AgentCentralDepositoryCompanyofPakistanLimitedCDCHouse,99–B,Block‘B’,S.M.C.H.S.,MainShahra-e-FaisalKarachi–74400Tel:111-111-500Fax:(92-21)34326053

Legal AdvisorsMohsinTayebally&Co.1stFloor,DimeCentre,BC-4,Block9,Khekashan,Clifton,Karachi

Rating AgencyJCR–VISCreditRatingAgencyVISHouse,128/C,25thLaneOffKhayaban-e-Ittehad,PhaseVII,DHA,Karachi

BankersBankAlHabibLimitedHabibBankLimitedBankIslamiPakistanLimitedNationalBankofPakistanMCBBankLimited

Registered OfficeDawoodCentre,M.T.KhanRoadKarachi-75530

Website:www.cyanlimited.com

COMPANY INFORMATION

QuarterlyReportMarch31,2018 3

TheBoardofDirectorsofCyanLimited ispleased topresent theun-auditedcondensed interimfinancialinformationofthecompanyforthequarterendedMarch31,2018.

Economic Review and OutlookDuringtheperiod,mosteconomicindicatorsremainedsteadydespitechallengesonexternalfront.Onexternalaccount front,currentaccountdeficit (CAD)stoodatUSD2.9billionduring2MCY18comparedtoUSD2.6billionintheSPLYonaccountofwideningtradedeficitnumbers.ThewideningCADcoupledwithexternaldebtservicingdroveFXreservesdownwardtoUSD17.79billiontillMar31,2018.

Citingexternalaccountpressure,increasingoilpricesandrupeedevaluation,SBPhikedthepolicyrateby25bpsinJan2018afterfouryears.Therupeefurtherweakenedbyabout4.4%againstUSDinMar2018.However,initslastmonetarypolicycommitteemeeting,SBPdecidedtomaintainpolicyrateat6%forthenexttwomonths,arguingthattherecentcurrencydevaluationwouldmanagetooffsetexternalpressureontheeconomy.

Increasing international oil prices, growing remittances and external debt servicing are potentialthreatstotheeconomy.However,materializationofFXinflowsfromtheamnestyschemewouldeasepressureondepletingforeignreserves;whileprovidingstabilitytorupeeintheshortterm.

Stock Market Review and OutlookSpillover effect ofPKRdevaluation, expectedamnesty scheme (materialized inApr 2018), timelySenate elections and renewed interest of foreign investors helped the KSE-100 index to provide a returnof12.57%,closingat45,560pointsinMarch2018.Marketactivityimprovedduring1QCY18,whereaveragedailytradedvalueofKSE-100IndexincreasedtoPKR6.4billioncomparedtoPKR5.6billionin4QCY17.Moreover,averagedailytradedvolumeofKSE-100Indexalsoincreasedto87millionsharesin1QCY18from70millionsharesin4QCY17.

Against the outflow in last three years, foreign investors remained net buyers during the quarterastheyboughtsharesofworthUSD31.2millionin1QCY18.Thegovernment’sdecisiontoletanovervaluedPKRdevaluebyaround5%inDec2017followedbyfurther4.4%depreciationinMar2018providedmuchneededconfidencetoinvestorswhowerewaryofmountingriskstothebalanceofpaymentposition.BeginningofinterestratehikecycleasSBPenhancedpolicyrateby25bpsinJan2018createdoptimismamonginvestorsespeciallyforbankingsectorswhichhashigherweightin the index.

Goingahead,themarketwilltakedirectionfrombudgettobeannouncedintheendofApr2018andfromdevelopmentsonthedomesticpoliticsasthetenureoftheincumbentgovernmentendson31Mayofthisyear.Additionally,theproposedtaxamnestyschemeisalsoexpectedtoproviderelieftoinvestorswhoareconcernedabouteconomicwoes.Abundantdomesticliquidity,benigninterestratesandattractivevaluationsarelikelytokeepmarketbuoyantfortheremainingpartof2018.

Company PerformanceDuringthequarterendedMarch31,2018thecompanypostedanearningspershareofRs.4.99compared to Rs.3.71 in the corresponding period in 2017.

Theequityportfoliowasmaintainedtohaveabalancebetweenhighgrowthandhighyieldinvestments.Tothiseffect,sizableinvestmentsweremadeinCommercialBanks,textilecomposite,EngineeringandOil&GasMarketingCompaniesandmoneymarketmutualfunds.Dividendincomeincreasedbymorethan10timestoRs.34millionforthequarterendedMarch31,2018asopposedtoRs.3million

DIRECTORS’ REVIEW

CyanLimited4

earnedinthecorrespondingperiodlastyear,whichwasprimarilyduetoheavyweightageinBankingsectorandrealizationofHUBCOdividend.

AcknowledgementWewouldliketothankallourstakeholders,especiallyourvaluedinvestors,whohaveplacedtheirconfidenceinusandalsoappreciatetheeffortsputinbythemanagementteamfortheirunswervingcommitmentandhardwork.TheBoardwouldalsoliketoplaceitsappreciationfortheSecurities&ExchangeCommissionofPakistan,StateBankofPakistanandthemanagementofthePakistanStock Exchange for their continued support and cooperation.

OnbehalfoftheBoard

Shafiq Ahmed Sulaiman S. Mehdi Director CEO

Karachi:April23,2018

CyanLimited6

CyanLimited8

March 31, December31,Note 2018 2017

(Un-audited) (audited)(Rupeesin‘000)

ASSETS

Non-current assetsProperty and equipment 5 14,363 14,951Intangibleassets 6 120 137 Deferred taxation 1,666 52,235Longtermloans 7,533 8,133Longtermdeposits 2,500 2,500

26,182 77,956Current assetsShort term investments 7 2,440,125 2,440,890Longtermloans-currentportion 2,330 2,330Tradeandotherreceivables 282,270 16,242Advancesandshorttermprepayments 3,026 3,539Cashandbankbalances 8 6,601 5,269

2,734,352 2,468,270

TOTAL ASSETS 2,760,534 2,546,226

EQUITY AND LIABILITIES

Share capital and reservesAuthorisedsharecapital100,000,000(2017:100,000,000)OrdinarysharesofRs10/-each 1,000,000 1,000,000

Issued,subscribedandpaid-upsharecapital 586,277 586,277Unappropriatedprofit 1,317,204 1,024,498Reserves 133,088 133,088Remeasurementonpostretirementbenefitsobligation-netoftax (2,142) (2,142)Surplusonrevaluationofavailable-for-saleinvestments 481,334 528,372

2,515,761 2,270,093Non-current liabilitiesDeferredliability-gratuity 13,119 12,237

13,119 12,237Current liabilitiesCreditors,accruedexpensesandotherliabilities 23,829 15,016Accruedmark-up 4,048 400Unclaimed dividend 30,662 30,671Shorttermborrowing 32,995 - Taxation - net 140,120 217,809

231,654 263,896

TOTAL EQUITY AND LIABILITIES 2,760,534 2,546,226

CONTINGENCIES AND COMMITMENTS 9

Theannexednotesfrom1to12formanintegralpartofthiscondensedinterimfinancialinformation.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITIONAsatmarch31,2018

Sulaiman S.MehdiChief Executive Officer

Faisal NadeemChief Financial Officer

Shafiq AhmedDirector


CONDENSED INTERIM PROFIT AND LOSS ACCOUNT Forthequarterendedmarch31,2018-(un-audited)

Note March 31,2018 2017

REVENUES (Rupeesin‘000)

Return on investments 34,422 3,483Gain on sale of investments - net 238,981 220,524Other income 2,454 8,307

275,857 232,314

Unrealised appreciation on re-measurement ofinvestmentsclassifiedasfinancialassetsatfairvaluethroughprofitorloss-net 105,520 47,431

381,377 279,745

EXPENSESOperating and administrative expenses (29,631) (26,518)Financial charges (4,048) (4,974)

(33,679) (31,492)

PROFIT BEFORE TAXATION FROM OPERATIONS 347,698 248,253

Taxation - current period (4,423) (47,057)- deferred (50,569) 16,069

(54,992) (30,988)NET PROFIT FOR THE PERIOD 292,706 217,265

(Rupees)

BASIC AND DILUTED EARNINGS PER SHARE 4.99 3.71





CyanLimited10

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEForthequarterendedmarch31,2018-(un-audited)

March 31,2018 2017

(Rupeesin‘000)

Profit after taxation 292,706 217,265

Items that may be reclassified subsequently to profit or loss

Deficitonrevaluationofavailable-for-sale investments (47,038) (107,268)

Total comprehensive income for the period 245,668 109,997






CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYForthequarterendedmarch31,2018-(un-audited)

Share Capital Capital reserves Revenue reserves

Remesur ement onpost retirement

benefitsobligation-net

of tax

Surplus / (deficit) on revaluation of available for

sale investments

Total Issued, subscribed and paid-up

Reserve for exceptional

losses

Capitalgain

reserveGeneral reserve

Unappropri ated profit

-------------------------------------------------(Rupeesin‘000)-------------------------------------------------

Balance as at January 01, 2017 586,277 10,535 2,553 120,000 1,708,968 (2,611) 746,881 3,172,603

NetProfitforthequarterendedMarch31,2017 - - - - 217,265 - - 217,265

Other comprehensive loss - - - - - - (107,268) (107,268)

[email protected],2016 - - - - (146,569) - - (146,569)

- - - - (146,569) - - (146,569)

Balance as at March 31, 2017 586,277 10,535 2,553 120,000 1,779,664 (2,611) 639,613 3,136,031

Balance as at January 01, 2018 586,277 10,535 2,553 120,000 1,024,498 (2,142) 528,372 2,270,093

NetProfitforthequarterendedMarch31,2018 - - - - 292,706 - - 292,706

Other comprehensive loss - - - - - - (47,038) (47,038)

Balance as at March 31, 2018 586,277 10,535 2,553 120,000 1,317,204 (2,142) 481,334 2,515,761





CyanLimited12

CONDENSED INTERIM STATEMENT OF CASH FLOWSForthequarterendedmarch31,2018-(un-audited)

March 31,2018 2017

Note (Rupeesin‘000)CASH FLOWS FROM OPERATING ACTIVITIES

Profitbeforetaxation 347,698 248,253

Adjustment for non cash charges and other items:Depreciation/Amortisation 605 572Capital gain on sale of investments - net (238,981) (220,524)Gain on sale of property and equipment - (601)Amortizationincomeongovernmentsecurities (597) (633)Interest expense 4,048 4,974Unrealised(appreciation)onre-measurementofinvestmentsclassifiedasfinancialassetsatfairvaluethroughprofitorloss-net&DerivativeContracts (105,520) (47,431)

(340,445) (263,643)

OperatingProfit/(loss)beforeworkingcapitalchanges 7,253 (15,390)

Decrease / (Increase) in operating assets Tradeandotherreceivables (266,028) (47,327)Longtermloan 600 568Advancesandshorttermprepayments 513 (981)

(264,915) (47,740)(Decrease)increditors,accruedexpensesandotherliabilities 8,813 (8,003)Increaseindeferredliability 882 690Net cash used in operations (247,967) (70,443)

Taxes paid (82,111) (2,962)Interest paid (400) (3,803)Dividend Paid (9) (145,528)Net cash used in operating activities (330,487) (222,736)

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of investments 2,499,364 1,950,263Investment in securities (2,200,540) (1,573,367)Capital expenditure incurred - (190)Proceeds from sale of property and equipment - 690Net cash generated from investing activities 298,824 377,396

Net (decrease) / increase in cash and cash equivalents (31,663) 154,660

Cashandcashequivalentsatthebeginningoftheperiod 8,269 (179,359)

Cash and cash equivalents at the end of the period 8.1 (23,394) (24,699)





NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATIONForthequarterendedmarch31,2018-(un-audited)

1. LEGAL STATUS AND NATURE OF BUSINESS

CyanLimited,aDHGroupCompany(“theCompany”),isaPublicLimitedCompanyincorporatedinPakistanon23April 1960under theCompaniesAct,1913 (nowCompaniesAct,2017).TheCompanyislistedonthePakistanStockExchange.TheregisteredofficeoftheCompanyissituatedat4thFloorDawoodCentre,MolviTamizuddinKhanRoad,Karachi.DawoodCorporation(Private)Limitedistheparentcompanyoftheentity.

The company is engaged in making equity investments in companies with high growth potential.

2 BASIS OF PRESENTATION

2.1 Statement of Compliance

Thiscondensedinterimfinancialinformationisun-auditedandisbeingpresentedtotheshareholdersasrequiredundersection237oftheCompaniesAct,2017andtheListingRegulationsofthePakistanStockExchange.Thiscondensed interimfinancial informationhasbeenprepared inaccordancewiththerequirementsoftheInternationalAccountingStandard-34“InterimFinancialReporting”.ThiscondensedinterimfinancialinformationdoesnotincludealloftheinformationanddisclosuresrequiredintheannualfinancialstatementsandshouldbereadinconjunctionwiththeCompany’sannualfinancialstatementsfortheyearendedDecember31,2017.

2.2 Basis of measurement

Thiscondensedinterimfinancialinformationhasbeenpreparedonthehistoricalcostbasis,exceptfor certain investments which are measured at fair value.

2.3 Functional and presentation currency

ThiscondensedinterimfinancialinformationhasbeenpresentedinPakistanirupee,whichisalsotheCompany’s functional and presentation currency.

3 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation adopted in the preparation of the condensed interim financial information are the same as those applied in the preparation of the financialstatementsoftheCompanyfortheyearendedDecember31,2017.

4 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of this condensed interim financial information in conformity with approvedAccountingStandardsrequiresthemanagementtomakeestimates,judgementsandassumptionsthat affect the reported amounts of assets and liabilities, income and expenses. It also requiresthe management to exercise judgment in application of its accounting policies. The estimates,judgmentsandassociatedassumptionsarebasedonthemanagement’sexperienceandvariousother factors that are believed to be reasonable under the circumstances. These estimates andassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiod,orintheperiodofrevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.Thesignificantjudgmentsmadebythemanagement inapplyingthecompany’saccountingpoliciesandthekeyresourcesofestimationanduncertaintywerethesameasthoseappliedtothefinancialstatementsfortheyearendedDecember31,2017.

CyanLimited14

March 31, December31,2018 2017

Note (Un-audited) (Audited)5 PROPERTY AND EQUIPMENT (Rupeesin‘000)

Openingbookvalue 14,951 13,751Additionsduringthequarter/year - 3,980

14,951 17,731

Less:Writtendownvalue(WDV)ofdisposalduringthequarter/year - (200)Less:Depreciationforthequarter/year (588) (2,580)

(588) (2,780) 14,363 14,951

Thedetailsofadditionsanddisposalsduringthequarter/yearareasfollows:

Additions-Cost Furniture and Fixture - 594OfficeEquipment - 678Vehicle - 2,708

- 3,980Disposals-Cost OfficeEquipment - 121 Vehicle - 1,466

- 1,5876 INTANGIBLE ASSETS

Openingbookvalue 137 266Additionsduringthequarter/year - -

137 266

Less:Writtendownvalue(WDV)ofdisposalduringthequarter/year - - Less:Amortisationforthequarter/year (17) (129)

(17) (129) 120 137

7 SHORT TERM INVESTMENTS

Investmentscompriseofthefollowing:

Held-to-maturity investments 44,708 44,643Available-for-saleinvestments 7.1 599,276 646,314Investmentscarriedatfairvaluethroughprofitorloss 7.2 1,793,141 1,746,933LoanandReceivables 7.3 3,000 3,000

2,440,125 2,440,890

2,440,125 2,440,890

7.1 Available-for-sale investments

Quoted shares - related parties 7.1.1 599,276 646,314 599,276 646,314




7.1.1 Quoted Shares - Related Parties

Number of Shares Cost Market value31-Mar-18 31-Dec-17 31-Mar-18 31-Mar-18 31-Dec-17

-----------Rupees‘000’-----------Name of investee company

FertilizerDawoodHerculesCorporationLimited 794,380 794,380 47,653 104,016 88,875Equityheld:0.17%(2017:0.17%)

Textile CompositeDawoodLawrencepurLimited 2,965,095 2,965,095 222,110 495,260 557,439Equityheld:5.02%(2017:5.02%)

269,763 599,276 646,314Less:Provisionforimpairment (151,821)Carrying value 117,942Market value as at 31 March 2018 599,276

Unrealised gain on quoted shares 481,334

Market ValueNote March 31, December31,

2018 2017(Un-audited) (Audited)

7.2 Investment Carried at fair value through profit or loss Rupees‘000’

Quoted shares 7.2.1 1,687,679 1,682,761Mutual funds 7.2.2 105,462 64,172

1,793,141 1,746,933

CyanLimited16


7.2.1 Quoted SharesNumber of Shares Carrying

Value Market value31-Mar-18 31-Dec-17 31-Mar-18 31-Mar-18 31-Dec-17

Name of investee company --------------Rupees‘000’--------------

Oil and Gas Exploration CompaniesOilandGasDevelopmentCompanyLimited - 500,000 - - 81,395

Oil and Gas Marketing CompaniesSuiNorthernGasPipelineLimited 500,000 500,000 47,305 56,355 47,305PakistanStateOilCompanyLimited 500,000 - 154,116 160,745 -

Cable & Electrical GoodsSingerPakistanLimited 500,000 500,000 18,210 24,020 18,210

RefineryPakistanRefineryLimtied - 1,000,000 - - 35,180

CementDewanCementLimited 300,000 - 8,095 8,097 - D.GKhanCementLimited - 200,000 - - 26,744

Textile CompositeNishatChunianLimited - 3,000,000 - - 137,310NishatMillsLimited 75,100 - 12,147 11,933 - GulAhmadTextileMillsLimited 500,000 - 20,759 21,340 - AzgardNineLimited 5,000,000 - 77,127 77,100 -

PharmaceuticalsAbbottLaboraties(Pakistan)Limited 42,500 - 28,870 30,639 -

Inv. Banks / Inv. Cos. / Securities Cos.PakistanStockExchangeLimtied - 7,929,330 - - 177,617

Glass & CeremicsTariqGlassIndustriesLimtied - 200,000 - - 18,998

TransportPakistanInternationalBulkTerminalLimited - 1,000,000 - - 14,950

Technology & CommunicationMedialTimesLimited 5,000,000 5,000,000 8,500 9,500 8,500TRGPakistanLimited - 1,000,000 - - 29,600

Power Generation & Distribution TheHubPowerCompanyLimited(relatedparty) - 10,000,000 - - 910,000Equityheld:0.00%(2017:0.86%)K-ElectricLimited - 5,000,000 - - 31,550

Commercial BanksBankAlfalahLimited 8,800,000 - 420,966 464,904 - BankofPunjab - 2,490,000 - - 20,517FaysalBankLimited 7,280,500 - 168,618 192,059 - MCBBankLimited 500,000 - 111,810 110,065 - UnitedBankLimited 800,000 - 157,071 167,112 -

EngineeringMughalIron&SteelIndustriesLimited 1,286,500 - 90,952 94,429 - AishaSteelMillsLimited 2,503,000 - 55,025 50,811 - AmreliSteelsLimited 500,000 - 49,522 46,015 -InternationalSteelsLimited 500,000 500,000 53,185 57,955 53,185

ChemicalLotteChemicalPakistanLimited - 10,000,000 - - 71,700

FertilizerFaujiFertilizerBinQasimLimited 2,500,000 - 102,630 104,600 -

Carrying Cost as at 31 March 2018 1,584,908 1,687,679 1,682,761

Market Value as at 31 March 2018 1,687,679

Unrealised gain on Quoted Shares 102,771



7.2.1.1 2.503millionshares(Dec.2017:Nil)ofAishaSteelMillsLimitedhavingmarketvalueofRs.50.81millionasatMarch31,2018,0.5millionshares(Dec.2017:Nil)ofInternationalSteelLimitedhavingmarketvalueofRs.57.96millionand0.5millionsharesofMCBBankLimited(Dec.2017:Nil)havingmarketvalueofRs110.07millionhavebeenpledgedascollateralinfavorofNationalClearingCompanyofPakistanLimitedagainstexposuremarginsandmarktomarketlosses.

7.2.1.2 The Company has running finance facility of Rs. 1,000 million (December 31, 2017: Rs. 1,000 million) under mark-uparrangementwithMCBBankLimited.Thefacilitycarriesmark-upat3monthKIBORplus0.25%perannum(December31,2017:3monthKIBOR+0.25%perannum).

Thefacilitiyissecuredagainstpledgeof0.4million(marketvalue:Rs.83.56million)ordinarysharesofUnitedBankLimited.

7.2.1.3 TheCompanyhasrunningfinancefacilityofRs.500million(December31,2017:Rs.500million)undermark-uparrangementwithBankAlHabibLimited.Thefacilitycarriesmark-upat3monthKIBORplus0.65%perannum(December31,2017:3monthKIBOR+0.65%perannum).

7.2.2 Mutual Funds

Note Number of Units Carrying value Market value

31-Mar-18 31-Dec-17 31-Mar-18 31-Mar-18 31-Dec-17Name of fund --------------Rupees‘000’--------------

HBLMoneyMarketFund - 239,712 - - 25,007Meezan Islamic Fund 1,474,685 - 100,000 102,714 -NAFAGovernmentSecuritiesLiquidFund 7.2.2.1 260,170 260,170 2,713 2,748 2,713NAFAMoneyMarketFund - 3,600,238 - - 36,452

Carrying Cost as at 31 March 2018 102,713 105,462 64,172

MarketValueasat31March2018 105,462

Unrealised Gain on Schemes 2,749

7.2.2.1 223,871units(December31,2017:223,871units)0fNAFAGovernmentLiquidFundhavingamarketvalueofRs.2.364million(December31,2017:2.334million)havebeenkeptunderlienwithNationalBankofPakistanpendingsettlementofa claim in litigation..

March 31, December31,Note 2018 2017

(Un-audited) (Audited)(Rupeesin‘000)

7.3 Loan and receivables

Deposit maturing within one month 7.3.1 3,000 3,000

7.3.1 TermDepositReceiptscarrymark-upat5.50%peranum(December312017:5.25%)peranumandmaturityonApril28,2018(January28,2018).ThecompanyhaspledgedtheTDRwithBankAlhabibagainstRs.2.8millionguaranteependingsettlement of claim in litigation


(Un-audited) (Audited)8 CASH AND BANK BALANCES (Rupeesin‘000)

Cash in hand 50 36Cashatbank 6,551 5,233

6,601 5,269

CyanLimited18

March 31, March31,2018 2017

(Un-audited) (Un-audited)(Rupeesin‘000)

8.1 CASH AND CASH EQUIVALENTSCashandcashequivalentsforthepurposeofcashflowcomprisesofthefollowing:Cashandbankbalances 6,601 7,739Term deposit receipts 3,000 3,000Shorttermrunningfinance (32,995) (35,438)

(23,394) (24,699)


(Un-audited) (Audited)9 CONTINGENCIES AND COMMITMENTS (Rupeesin‘000)

GuaranteesissuedonbehalfoftheCompanybycommercialbank 2,800 2,800

10 TRANSACTIONS WITH RELATED PARTIES

Related parties comprise companies with common directors, group companies, staffretirementfund,directorsandkeymanagementpersonnel.Transactionswithrelatedpartiesare entered into at rates negotiated with them. Remuneration to key management personnel are in accordance with their terms of engagement. Transactions with related parties other than thosewhichhavebeendisclosedelsewhereinthecondensedinterimfinancialinformationareasfollows:

Quarter EndedTransactions March 31, March31,

2018 2017(Un-audited)

(Rupeesin‘000)

Rent expense 1,995 2,068Dividend income 15,000 - Dividend paid - 98,157Advisoryincome 1,750 7,500Service charges 200 - Contributiontoprovidentfund 657 640Chargeforstaffretirementgratuityscheme 883 897

Key Management PersonnelDividend paid - 5,519Remuneration 10,021 9,640Director Meeting fee 350 400EmployeeLoanRecovery 699 699




(Un-audited) (Audited)(Rupeesin‘000)

Loantochiefexecutiveofficer 2,653 2,960Loantootherexecutive 7,210 7,503ReceivablefromRelatedparty 2,076 1,458Payabletorelatedparties 2,645 321

11 AUTHORISATION FOR ISSUE

ThiscondensedinterimfinancialinformationwasauthorisedforissueonApril23,2018bytheBoardofDirectorsoftheCompany.

12 GENERAL

Thefiguresinthiscondensedinterimfinancialinformationhavebeenroundedofftothenearestthousand rupees unless otherwise stated.





4th Floor, Dawood Centre, M.T. Khan Road, Karachi-75530 Ph: (92-21) 35684019, 35681491 Fax: (92-21) 35680218

defining - cyan | cyan limited...senate elections and renewed interest of foreign investors helped...

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